Fiscal year 2021: Audi Group achieves all-time

highs in operating profit and net cash flow

• CEO Markus Duesmann: “Audi has a clear plan for the electric and digital
future.”
• CFO Jürgen Rittersberger: “In a very challenging environment, we showed
our financial strengths.”
• Operating profit of 5.5 billion euros and net cash flow of 7.8 billion euros
• Brand group: Joint goals and synergy potentials in high nine-figure range

Ingolstadt, March 17, 2022 – In the challenging fiscal year of 2021, Audi once again put its
strengths to the test. The Audi Group achieved all-time highs in operating profit and net cash
flow. Revenue last year was around 53 billion euros. Operating profit reached 5.5 billion
euros, while operating return on sales amounted to 10.4 percent. The Audi Group’s high net
cash flow of 7.8 billion euros attests to its strong ability to self-finance. In addition to active
management of the semiconductor scarcity and strict cost discipline, other drivers of the
positive earnings performance included good pricing positions, strong residual values, the
good performance of Lamborghini and Ducati and tailwinds from raw material rating and
currency effects. At the same time, Audi resolutely continued its transformational course and
increased deliveries of battery electric vehicles (BEVs) by 57.5 percent. The concrete effects of
the war in Ukraine on the Audi Group’s business cannot yet conclusively be estimated.

“With its Vorsprung 2030 strategy, Audi has a clear plan for the electric and digital future,” said
Markus Duesmann, CEO of AUDI AG. “Last year, the company impressively showed that we’re on
the right path with the transformation of our business model toward CO 2-neutral, connected
mobility.”

Deliveries: Nearly same level as last year

Despite the semiconductor bottlenecks, the Audi brand’s deliveries in fiscal year 2021 were
nearly at the same level as last year, yet the four rings registered strong growth among battery
electric vehicles. The Audi brand delivered a total of 1,680,512 (2020: 1,692,773) vehicles to
customers last year, achieving nearly the same figures as the year before (-0.7 percent). In the
first half of the year, Audi increased deliveries by 38.8 percent to 981,681 (707,225) vehicles
thanks to active management of the supply situation. The persistent semiconductor scarcity led
to production downtime despite intensive control measures, so the continued high demand in
the second half of the year wasn’t able to be fully met.

The equipment, data and prices specified in this document refer to the model range
offered in Germany. Subject to change without notice; errors and omissions excepted.
*The collective fuel/electric power consumption and emissions values of all models
named and available on the German market can be found in the list provided at the end
of this text. 1/8
Strong growth among battery electric vehicles

The growth in deliveries of BEVs confirms the company’s clear course toward electromobility.
Audi delivered a total of 81,894 (52,011) fully electric vehicles to customers – 57.5 percent
more than in the previous year. Major contributors to this were the new Audi Q4 e-tron*, with
21,098 units sold, and the Audi e-tron GT quattro*, with 6,896 units sold.

Revenue: 6.2 percent above last year

The Audi Group’s revenue in fiscal year 2021 amounted to 53.068 (49.973) billion euros. The
increase of 6.2 percent over last year can especially be attributed to strong pricing and the very
good market performance of the Q3, Q5, e-tron product line and Lamborghini and Ducati
brands. For the purposes of comparability and transparency, Audi is voluntarily reporting in
accordance with the new EU taxonomy regulation. The EU-taxonomy-compliant revenue reached
12.8 percent measured against the Audi Group’s total revenue.

Operating profit: New all-time high

In addition to increased revenue, strict cost discipline and tailwinds from raw material rating and
currency effects led to an operating profit of 5.498 (2.569) billion euros and operating return on
sales of 10.4 (5.1) percent. The Audi Group discloses a large portion of its China business in its
financial results. Integration of the China business into the operating profit would result in an
operating margin of 12.5 percent.

Financial result: Strong China business once again

The Audi Group’s financial result amounted to 1.430 (1.618) billion euros. At 1.140 (1.009)
billion euros, the China business once again made a strong contribution to the financial result.
With its partners FAW and SAIC, Audi intends to further expand its strong position in China in
the future, especially in the realm of battery electric vehicles. By 2026, Audi intends to expand
its portfolio in China to more than ten fully electric models. The next major milestone is the
establishment of Audi FAW NEV Company Ltd. with its longstanding partner FAW. Audi has a
majority stake in this new joint venture, with which Audi is setting the course for the expansion
of the local electric product portfolio and building its own new production plant in Changchun
for fully electric Audi models based on the Premium Platform Electric (PPE). Audi is investing
around 2.6 billion euros in the project. The first fully electric models based on the PPE for the
Chinese market will roll off the assembly lines at the new factory starting at the end of 2024.

Net cash flow: New record

The Audi Group’s net cash flow reached a record 7.757 (4.589) billion euros in fiscal year 2021.
The increase of nearly 70 percent over last year can mainly be attributed to higher earnings and
reflect the development of working capital over the course of the semiconductor crisis and
continued investment discipline.

*The collective fuel/electric power consumption and emissions values of all models
named and available on the German market can be found in the list provided at the end
of this text. 2/8
Audi profit-sharing bonus

Audi will share its earnings with the staff for their dedication throughout a challenging 2021.
For specialists at the German plants, the 2021 Audi profit-sharing bonus will amount to 5,670
(2020: 1,080) euros. This is based on the fixed calculation formula in the collective wage
agreement, and it’s oriented in accordance with operating profit. At Audi’s subsidiary
companies, there are also regulations concerning profit-sharing bonuses.

Strong team play: Brand group has ambitious goals

In the forecast for reporting year 2022, the Bentley brand was taken into account for the first
time this year due to the consolidation. In the brand group, the brands Audi, Bentley, Ducati and
Lamborghini will work together even more closely in the future – for example, with a joint
roadmap for electromobility and digital technologies. The brand group is expecting synergy
potentials in the high nine-figures range and is setting itself ambitious goals. It’s aiming to
deliver more than three million automobiles to customers starting in 2030. It also intends to
achieve an operating return on sales of over 11 percent.

Forecast for fiscal year 2022

“Audi successfully overcame a turbulent year. In a very challenging environment, we showed our
financial strengths and set new records in operating profit and net cash flow,” said Jürgen
Rittersberger, Board Member for Finance and Legal Affairs at AUDI AG. “Our financial
performance proves that we have not only the visionary strength for our ambitious plans, but
also the financial strength.”

Well-filled order books and continued high demand, as well as further progress with fixed-cost
discipline, give the Audi Group confidence with regard to the ongoing fiscal year. While the
semiconductor supply situation should slightly improve, the concrete effects of the war in
Ukraine cannot yet conclusively be estimated with regard to the global economy, the industry’s
growth and the Audi Group’s earnings, finances and assets. The premium brand group’s forecast
was adopted on February 21, 2022, so it doesn’t include the effects of the war in Ukraine.

The premium brand group expects deliveries of between 1,800 and 1,900 thousand
automobiles. Revenue is expected to be between 62 and 65 billion euros, while the strong
pricing position is maintained. Operating return on sales is expected to be between nine and 11
percent. In light of slightly increasing and thus normalizing working capital and increasing
investment activity, net cash flow will likely reach a value of between 4.5 and 5.5 billion euros.

Vorsprung 2030: Next stage of the electric and digital transformation

“This year, we’ll focus more strongly on the topics of sustainability, electrification and
digitalization, and we’ll start the next stage of our transformational course to 2030, which
entails the phasing out of combustion technology, a comprehensive roadmap for electromobility

*The collective fuel/electric power consumption and emissions values of all models
named and available on the German market can be found in the list provided at the end
of this text. 3/8
and the establishment of new digital business models and services in collaboration with CARIAD,
the software unit owned by the VW Group,” said CEO Markus Duesmann.

With clear decisions and ambitious goals, Audi is systematically advancing the transformation to
a sustainable business model. As a key aspect of the corporate strategy Vorsprung 2030, Audi
decided back in mid-2021 to be the first German premium manufacturer to exit the combustion
business. Starting in 2026, Audi will only launch fully electric models worldwide. In the same
year, the manufacturer already plans to have more than 20 battery electric models on offer. On
its path toward gradual decarbonization, Audi intends to reduce its vehicle-related CO2-
emissions along the entire value chain (excluding locally produced vehicles in China) by 40
percent by 2030, in comparison with the reference year of 2018.

A6 Avant e-tron concept: Nice station wagons will continue to be called

Avant in the future

Audi will provide a look at the next major step in the expansion of its battery electric portfolio
with the Audi A6 Avant e-tron concept. Later production versions of the Audi A6 e-tron will be
the first flat-bottom vehicles based on the new Premium Platform Electric (PPE), the large-scale
platform for the mid-range and premium class. Audi is thus expanding its electric portfolio into
a crucial segment and making electromobility mainstream.

Comprehensive mobility ecosystem

With the transition to battery electric and automated mobility, customers are more and more
focused on driving ecosystems that differentiate the competition. As a first step, Audi is
bolstering the run-up to electromobility with comprehensive charging offerings. The Audi-
owned e-tron Charging Service offers access to more than 320,000 charging points in 26
European countries with just one charging card. The number of the e-tron Charging Service’s
charging points has more than quadrupled in the last three years. On top of that, Audi has
successfully launched the pilot phase of its premium quick-charging offering, the Audi charging
hub, in Nuremberg. In the second half of the year, a second pilot project with a compact design
will launch in Zurich to comprehensively test the expansion of this flexible concept platform.

In addition to the expansion of its charging infrastructure, the company is prioritizing the
expansion of its data-based business. For instance, the VW-Group-owned software unit CARIAD
is accelerating its software development and building up targeted skills with the help of
strategic partnerships. Moreover, Audi is focusing on innovative digital services. One example of
this is the integration of holoride, which Audi is using to turn the car into an experience space
with in-car entertainment. This virtual-reality-based entertainment offering will launch this
summer.

*The collective fuel/electric power consumption and emissions values of all models
named and available on the German market can be found in the list provided at the end
of this text. 4/8
Audi will submit to an ESG rating in the future

Audi is convinced that a sustainable business model should be measured not only by ecological
criteria, but also by the perception of its social responsibility and its good corporate governance.
The company consequently defined ESG as a strategic field of action in Vorsprung 2030, and it’s
embedding ESG criteria in all company- and product-related decisions. The foundation for this is
a robust ESG management system. For more comparability and transparency, Audi will not only
voluntarily report in accordance with the new EU taxonomy regulation – it will also submit to the
ESG rating of an independent rating agency in the future.

Rittersberger: “We want to be outstanding when it comes to ESG performance as well.

Sustainability being anchored in all business divisions will make Audi robust and fit for the
future, and it will increase our company value. It’s about nothing less than our ‘license to
thrive’.”

*The collective fuel/electric power consumption and emissions values of all models
named and available on the German market can be found in the list provided at the end
of this text. 5/8
Overview of select key figures of the Audi Group

2021 2020

Deliveries Audi brand 1,680,512 1,692,773

Revenue Audi Group

53,068 49,973
in millions of euros
Operating profit before special factors Audi Group
5,546 2,739
in millions of euros
Operating return on sales before special factors Audi Group
10.5 5.5
in percent

Operating profit Audi Group

5,498 2,569
in millions of euros
Operating return on sales Audi Group
10.4 5.1
in percent

Net cash flow Audi Group

7,757 4,589
in millions of euros
Net liquidity Audi Group
22,674 22,377
in millions of euros

Return on investment (ROI) Audi Group

16.7 7.4
in percent

Further information, as well as insights into fiscal year 2021 and sustainable management at
Audi, can be found in the new Audi Report 2021.

Corporate Communications Corporate Communications

Andrea Baldus Lisa Niermann
Spokeswoman Finance and Legal Affairs Spokeswoman Finance and IT
Tel.: +49 841 89 41427 Tel.: +49 841 89 982842
E-mail: andrea.baldus@audi.de E-mail: lisa.niermann@audi.de
www.audi-mediacenter.com

*The collective fuel/electric power consumption and emissions values of all models
named and available on the German market can be found in the list provided at the end
of this text. 6/8
The Audi Group is one of the most successful manufacturers of automobiles and motorcycles in the premium
and luxury segments. With its brands Audi, Ducati, Lamborghini and, since January 1, 2022, Bentley, it
comprises the premium brand group within the Volkswagen Group. Its brands are present in more than
100 markets worldwide. Audi and its partners produce automobiles and motorcycles at 21 locations in
13 countries.
In 2021, the Audi Group delivered around 1.681 million cars from the Audi brand, 8,405 sports cars from
the Lamborghini brand and 59,447 motorcycles from the Ducati brand to customers. In the 2021 fiscal year,
AUDI AG achieved total revenue of €53.1 billion and an operating profit before special items of €5.5 billion.
More than 85,000 people all over the world work for the Audi Group, around 58,000 of them in Germany.
With its attractive brands, new models, innovative mobility offerings and groundbreaking services, the
premium brand group is systematically pursuing its path toward becoming a provider of sustainable,
individual, premium mobility.

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Fuel/electric power consumption and emissions values** of the models named above
Audi Q4 e-tron
Combined electric power consumption in kWh/100 km (62.1 mi): 21.4–17.0 (WLTP);
18.3–15.2 (NEDC); combined CO2 emissions in g/km (g/mi): 0 (0)
Audi e-tron GT quattro
Combined electric power consumption in kWh/100 km (62.1 mi): 21.8–19.9 (WLTP);
19.6–18.8 (NEDC); combined CO2 emissions in g/km (g/mi): 0 (0)

**The indicated consumption and emissions values were determined according to the legally
specified measuring methods. Since September 1, 2017, type approval for certain new vehicles
has been performed in accordance with the Worldwide Harmonized Light Vehicles Test Procedure
(WLTP), a more realistic test procedure for measuring fuel consumption and CO2 emissions.
Since September 1, 2018, the WLTP has gradually replaced the New European Driving Cycle
(NEDC). Due to the more realistic test conditions, the consumption and CO2 emission values
measured are in many cases higher than the values measured according to the NEDC. Additional
information about the differences between WLTP and NEDC is available at www.audi.de/wltp.
At the moment, it is still mandatory to communicate the NEDC values. In the case of new vehicles
for which type approval was performed using WLTP, the NEDC values are derived from the WLTP
values. WLTP values can be provided voluntarily until their use becomes mandatory. If NEDC
values are indicated as a range, they do not refer to one, specific vehicle and are not an integral
element of the offer. They are provided only for the purpose of comparison between the various
vehicle types. Additional equipment and accessories (attachment parts, tire size, etc.) can
change relevant vehicle parameters, such as weight, rolling resistance and aerodynamics and,
like weather and traffic conditions as well as individual driving style, influence a vehicle’s electric
power consumption, CO2 emissions and performance figures.
Further information on official fuel consumption figures and the official specific CO2 emissions
of new passenger cars can be found in the “Guide on the fuel economy, CO2 emissions and power
consumption of all new passenger car models,” which is available free of charge at all sales
dealerships and from DAT Deutsche Automobil Treuhand GmbH, Hellmuth-Hirth-Str. 1, 73760
Ostfildern-Scharnhausen, Germany (www.dat.de).

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